BBVA Switzerland's New Gen has a new digital onboarding process

Wednesday 14 September 2022 13:26 CET | News

BBVA Switzerland's New Gen account has received a new digital onboarding process that allows users to verify their identities using selfies.


New Gen is a digital account that enables investments in innovative, tech-focused sectors or crypto assets. The platform was launched in September 2021. Up until now, clients who wished to register for the account needed to fill out a form and perform a 15-minute video call for verification purposes. The new digital onboarding system lets prospective customers sign up online just by uploading a ‘selfie’, after which their identity is verified in a few seconds. 

Officials from BBVA Switzerland have stated in the company press release that the new digital onboarding process aims to help them reach more people in more countries who want to invest in innovative and sustainable industries or in crypto assets.

The new identity verification solution relies on biometric technology that recognises and verifies identity documents and passports from more than 190 countries including Colombia, Mexico, Peru, and Spain.

The digital onboarding was developed in partnership with BBVA affiliate Veridas, and it includes an AI. This AI leverages the aforementioned biometric technology to prevent identity fraud via a seamlessly digital process that includes contract signing.


BBVA Switzerland's New Gen account has received a new digital onboarding process that allows users to verify their identities using selfies.


More details on BBVA Next Gen

The BBVA Next Gen platform allows customers to hold, buy and sell crypto assets in the same way they invest in traditional private banking asset classes, such as sustainability products. In order to open an account, potential clients need a minimum of EUR 10,000 or its equivalent in USD or CHF.

Other requirements to open an account include being at least 18 years old of age and being a resident in a country of the European Union, Mexico, Colombia, Argentina, Peru or Chile, among others. The Next Gen mobile app includes several online banking services and IBAN numbers in dollars, euros or Swiss francs. Clients also receive access to a wallet that can be used to store, purchase and sell bitcoins.

BBVA Switzerland expanded its crypto service

In January 2022, BBVA Switzerland expanded its integrated crypto service to Ether alongside Bitcoin. Both cryptocurrencies can now be automatically exchanged for any fiat currency on the BBVA app using a personalised wallet.

This service is based on Avaloq's Crypto-Assets solution and the crypto management system, along with other asset classes, is linked to Avaloq's banking platforms.

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Keywords: identity verification, digital identity, identity method, digital assets, biometrics
Categories: Fraud & Financial Crime
Companies: BBVA
Countries: Switzerland
This article is part of category

Fraud & Financial Crime


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